The awards are financed from the Christina and Louis Quilico Fund, established by Christina Petrowska Quilico at the Ontario Arts foundation to honour her late husband, renowned baritone, Louis Quilico. During his 45 years on the world stage, Quilico shared performing credits with Luciano Pavarotti, Placido Domingo, José Carreras, Joan Sutherland and Renata Tebaldi. He was best known as the hunchbacked jester Rigoletto, a part he played 510 times in his career. Quilico was also instrumental in furthering the careers of many young singers through his teaching and master classes. The awards were set up to recognize outstanding young singers, pianists, and composers for voice.

The Ontario Arts Foundation manages the endowment that funds the Christina and Louis Quilico Awards. Established in 1991 as a public charitable foundation, the Foundation holds over 270 endowments totalling more than $43 million and pays out over $2 million annually in support of the arts.